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Nigeria in 1min: Economic, Business and Financial Headlines – 030718

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Tuesday, July 03, 2018 / 7:00 AM / Proshare News
 

PROSHARE ECONOMY

Nigeria’s Huge Population: Beneficial?- The National Bureau of Statistics (NBS) estimated the population of Nigeria to be 194 million in 2016, with an average growth rate of 3.28% between 2012 and 2016. Federal Capital Territory, Abuja, recorded the fastest average population growth rate of 9.75%. Source Proshare Read more 

NMRC Seeks Approval for N440bn Debt Programme - The Nigeria Mortgage Refinance Company (NMRC) plans to seek approval from members by the end of the month to triple the size of its debt programme to N440 billion ($1.44 billion), the state-backed mortgage agency said on Monday. Source Thisday Read more 

NCDMB Invests $10m in 5,000bpd Modular Refinery - The Nigerian Content Development and Monitoring Board (NCDMB) has signed a $10 million equity investment agreement with Waltersmith Refining and Petrochemical Company Limited for the construction of a 5,000 barrels per day modular refinery to be located at Ibigwe, Imo State. Source Thisday Read more 

‘NPA rakes in N3b from Calabar Port in three months’ - The Nigerian Ports Authority (NPA) raked in about N3 billion from Calabar Port in three months, it was learnt. Source THE NATION Read more

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PROSHARE MARKETS

Nigerian Stock Market Resumes Downtrend to Open The Week Negative; NSEASI Closes Below 38,000bpts- Equities market closed today on a negative note, as NSEASI depreciated by -0.87% to close at 37,946.92  basis points as against +1.44% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.77%.   Source Proshare Read more 

Bond Yields Trend higher as Market Players Stay Risk off - The bond market remained bearish, with yields rising higher by c.26bps. This came on the back of some selloff on the longer end of the curve, consequently forcing spreads farther apart, with bids weakening significantly to c.14.29% on average. Source Proshare Read more 

Kuramo Capital To Provide Series A Funding for Green Africa Airways- Nigeria’s Green Africa Airways said that it has completed its Series A round of financing with Kuramo Capital. Kuramo Capital is a Pan African independent investment management group based in New York with additional offices in Lagos and Nairobi. Source Proshare Read more 

Flour Mills of Nigeria Q4 2018 Results - Sales Down by -14% YoY to N115.16bn-  FMN’s 2018 PBT surprised negatively relative to consensus 2018 PBT forecast of N22.8bn. As such, we expect to see downward revisions to consensus 2019E PBT forecast and a negative reaction by the market. Source Proshare Read more 

Afrinvest Stock Recommendation for the Week – 020718- The domestic bourse closed positive last week as the All Share Index (ASI) advanced 1.1% W-o-W to close at 38,278.55 points while YTD return improved to 0.1%. Across sector, performance was mixed as 3 of 5 indices rose W-o-W. Source Proshare Read more 

Cordros Weekly Stock Recommendation – 020718- The shares of CADBURY remained flat at NGN13.00. CADBURY trades at a significant forward PE above its 5-year historical average of 24.9x. CADBURY published Q1-18 result, showing EBIT was higher by 76.2% while PBT was lower by 67.2%, both compared to Q1-17. Source Proshare Read more 

Fixed Income Market Monitor – Average Money Market Rate Increased by 10.42%- The money market rate increased significantly last week as the Overnight rate (OVN) and Open Buy Back rate (OBB) rose to 13.17% and 14.08% respectively. Consequently, the average money market rate increased by 10.42% to settle at 13.63% as system liquidity is estimated to have reduced significantly to c. N110bn. Source Proshare Read more 

Egina FPSO: Nigeria to get additional .2m b/d capacity in weeks - The 200,000 barrels per day of oil capacity, Egina Floating, Production, Storage and Offloading unit (FPSO)  will be moved to site in the coming weeks, Total official has said. Source Daily Trust Read more 

$3.3bn Total’s Egina FPSO Departs to Offshore Field in Few Weeks - The $3.3 billion Floating Production Storage Offloading (FPSO) unit for the 200,000 barrels per day capacity Egina Deepwater oilfield, which arrived in Lagos in January this year from South Korea, will finally depart to the Egina oilfield in the coming weeks, THISDAY has learnt. Source Thisday Read more 

NERC Okays TCN’s Bid to Procure Spinning Reserves for Grid - The Nigerian Electricity Regulatory Commission (NERC) has reportedly given the Transmission Company of Nigeria (TCN) its approval to procure extra power to serve as spinning reserve that could stabilise Nigeria’s electricity grid when there are unforeseen disturbances. Source Thisday Read more

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PROSHARE BUSINESS

Zenith, GTBank, FBN, Access, UBA, among Top 1000 Global Banks - Five Nigerian banks which included Zenith Plc, Guaranty Trust Bank Plc (GTBank), FirstBank Nigeria Limited, Access Bank Plc and the United Bank for Africa Plc, were ranked among The Banker Magazine’s 2018 1000 Global Banks, in a report released last night. Source Thisday Read more 

SA has just joined Africa’s $3 trillion free-trade club - South Africa has become the latest country to sign the Africa Continental Free Trade Area (AfCFTA) agreement as it battles with poor economic data, an emerging market selloff and trade wars galvanised by the United States. Source CNBC Read more 

Ukraine's Nebulon to invest $2 bln in Egypt grain storage, transport: ministry - Ukrainian grain trading company Nebulon is to invest $2 billion to build new grain silos and transportation barges in Egypt’s Nile Delta region, the Egyptian supply ministry said on Sunday. Source Reuters Read more 

Oil falls as OPEC output rises, more production planned - Oil futures fell Monday as supplies from Saudi Arabia and Russia rose while economic growth stumbled in Asia amid escalating trade disputes with the United States. Source Reuters Read more 

Rising Oil Price Has Gulf Arab Borrowing at Lowest Since 2014 - Gulf Arab energy companies retreated from debt markets in the first half of 2018 after a banner year for borrowing as higher oil prices curbed financing needs for existing operations and new projects. Source Bloomberg Read more 

Libyan Oil Output Choked Off as Two More Ports Are Out of Action - Libya’s National Oil Corp. declared force majeure on another two oil ports, removing thousands more barrels from the market just as global supply concerns put pressure on OPEC to ramp up production. Source Bloomberg Read more 

U.K. Businesses at ‘Breaking Point’ Over Lack of Brexit Clarity - U.K. companies are at “breaking point” over the lack of clarity on Brexit, and are slowing down their investments as they await answers to key questions surrounding Britain’s departure from the European Union, one of the country’s main business lobby groups said. Source Bloomberg Read more

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PROSHARE TECHNOLOGY

Fintech poses huge threat to traditional banking, says CIBN - The Chartered Institute of Bankers of Nigeria, Lagos State branch, has said the financial space is being revolutionalised with the deployment of financial technology by Deposit Money Banks in meeting the financial needs of their customers. Source Punch Read more 

NSE Of India Signs Post-Trade Technology And Strategic Partnership Pact With Nasdaq- The National Stock Exchange of India (NSE) and Nasdaq have officially signed an agreement for Nasdaq to deliver a customized real-time clearing, risk management and settlement technology to one of the world’s largest stock exchanges. Source Proshare Read more 


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